As a family there are certain expenses you have to pay, such as rent or a mortgage, household bills and car insurance, while other costs like clothing, food and entertainment may vary. While there are some high expenses that you cannot avoid, there are other costs that, if left unchecked, could cost you more than they have to such as car insurance (get a quote here). For other quality products at reasonable prices, consider these five easy tips for creating family savings.

1. Plan Meals

One of the biggest ways that families spend frivolously is eating out. On average, a planned meal at home costs between two and five dollars per serving. Even at a fast-food restaurant you look to pay five to eight dollars per person. A planned meal is not only cheaper, but it is usually healthier as well. Eating at home can help your savings and your health, which both pay off in the long run. [Read more…]

Over the last few years, with a lot of work, I’ve managed to build up my savings quite a bit. Initially, I kept all the money in a basic savings account at my regular bank. I didn’t even realize how foolish that was until a friend suggested I look into banks that paid a higher interest rate on savings accounts. I found Tangerine and opened a Tangerine Savings Account. When I saw how much interest I earned on my money the next month, I was shocked!

A few months later, I decided to move some of my money into a Tangerine Tax-Free Savings Account, so that I wouldn’t have to pay taxes on the interest I was earning. Since then I’ve built up both accounts and when the end of the year rolls around, it’s so nice to not have to pay anything extra for my savings.

If you haven’t started a TFSA yet, you’re not alone. In fact, a recent survey by Tangerine found that up to 74% of Canadians don’t fully understand TFSA accounts. But there’s no better time to look into starting one because Tangerine has a very special promotion that can help you maximize your savings even more!

It’s no secret that I love to shop online. In fact, in just a few short years I’ve gone from being a hesitant newbie to a self-proclaimed online shopping pro. But as much as I love shopping online, I love saving even more! I learned shortly after making my first few Internet purchases that I should never just settle for paying the listed price. And one of my favourite discoveries for saving money while shopping online was RetailMeNot.ca.

This money-saving website is always my first stop when shopping online, and with good reason. With exclusive coupon codes, special deals and sale information for tons of Canada’s top retailers, it almost guarantees big savings on the purchases I’m planning to make. So when I was recently given a $250 Visa gift card with the challenge of showing how much I could save using RetailMeNot.ca, I was in my element.

It took me a few years and a lot of tough lessons, but at 33 I have become a fairly efficient money manager. Planning for the future and striving for financial independence is such an important part of being an adult, and while there are all kinds of ways to do that, they don’t all have to be difficult! So how do I work towards financial independence every day?

My first method is to find ways to save when shopping for essentials. For example, a surprisingly large amount of most people’s monthly budget is spent on fairly inexpensive consumable items such as personal care products and cleaning supplies. I quickly learned when tracking my purchases that by paying attention to the results I got with different products, I could whittle down the amount I spent. Often, that cheap $1 bottle of floor cleaner works just as well as a pricier brand name. And when that isn’t the case, buying a more expensive product actually lasts longer and saves me money over time!

The tax deadline is drawing near, people are filing their paperwork and for many, tax season means a refund cheque coming in the mail! It can be tempting to take that money and use it to buy a much-coveted item like that new flat-screen television, but I’ve found that one of the most beneficial moves I’ve ever made in my life was to start treating tax season not as a chore, but as a chance to plan for the future.

Of course, with two young children at home, one of the biggest considerations I have when planning my budget is their education. Starting or topping up your child’s RESP can be a great choice for that tax refund cheque and starting an RESP for your child comes with some additional benefits too! I started an RESP for Zackary a few years ago after receiving some inheritance money when my grandmother passed away. I decided to deposit $500 initially. Then I learned that I would receive an additional $500 from the Canada Learning Bond (CLB) and another $200 from the Canada Education Savings Grant (CESG). My initial investment had already grown to $1,200!